Mortgages in the in the Côte d'Azure and Provence
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Obtaining a French mortgage has many advantages over re-mortgaging your own property. The interest rates are much better in Europe and you can fix the payment so that when the interest rates change, the term of the mortgage changes instead of the repayment amount.
In some cases, it can be a good idea to make initial enquiries before looking for properties. In addition to giving you an idea of you much you can afford to spend it will make the buying process easier by providing information to lenders early. This will speed up the actual mortgage application process. You will be required to meet certain deadlines. There will be a lot of information that needs to be supplied in the correct form it is useful to be able to give yourself time to do this rather than having to rush after making the offer on the property. It can take even longer if you are self employed.
The maximum mortgage a French bank will normally offer for non-residents is 70 percent. It is possible, in some cases to get a higher percentage. Interest only mortgages are not common in France and many banks will not offer them at all. The decision to grant a loan tends to be based on income, not on an asset. Income from rentals can be taken into account for a loan, but only if they can be verified in some way. For example, if the property has proof of past rentals, with written evidence from bank statements and tax returns, plus more.
The mortgage application usually takes a while before all the paperwork and documentation is correct. It is not uncommon to have to have to fill out a form again because there is a mistake or misunderstanding on the first (or second) go. So do keep a copy of everything that you send, it will save you having to get the paper work out when you have to fill the form in again. It may seem as though the person at the mortgage company is being difficult by asking for an unnecessarily detailed amount of information. They are not. Be as helpful as you can and do what they ask. If they do not have all the boxes ticked and in the right way they cannot grant the mortgage. This applies even when there is little risk to the mortgage company.
For those in employment, banks will usually need your last three pay slips, statement of bank accounts going back three months, the last tax return, full personal details of each borrower and so on. For those who are self-employed, the process is potentially more complex.
It is normal to need to take out a life insurance policy top cover the loan. For older people or people with health problems, enquiries should be made as early as possible to ensure that the obtaining of life insurance will not pose a problem. Certain borrowers will be required to undertake medical tests. It is often the life insurance that can lead to lengthy delays. Note that it is possible to have life insurance cover from an insurer other than that proposed by the lender. However, this complicates the matter and you should organise this in advance to prevent delays.
Paper work has to be signed at the right time and in the right location. This means that for some document you must wait a period before signing and you must sign at the place that you received the document. These rules are in place for the protection of the buyer and the buyer cannot decide to ignore the protection given by the French legal system.